This bill amends various sections of the Nebraska Revised Statutes concerning insurance, particularly focusing on reciprocal licenses, nonresident license requirements, and penalties under the Insurance Producers Licensing Act and the Pharmacy Benefit Manager Licensure and Regulation Act. Key provisions include the cancellation of nonresident licenses if the licensee's home state license becomes inactive, the establishment of new fees for insurance producer licenses and appointments, and the stipulation that if another state imposes higher fees or obligations on Nebraska insurance producers, those fees will also apply to producers from that state seeking licensure in Nebraska. The bill also modifies penalties for insurance producers who violate licensing laws, including administrative fines and automatic revocation of nonresident licenses for those not maintaining good standing in their home state.

Furthermore, the bill introduces a requirement for pharmacy benefit managers to promptly notify the director of any significant changes in ownership or control that could affect their licensing qualifications. This aims to enhance transparency and regulatory oversight. Additionally, the bill repeals several existing sections of the Reissue Revised Statutes of Nebraska, indicating a legislative intent to streamline regulations or update the legal framework governing pharmacy benefit managers in the state.

Statutes affected:
Introduced: 44-150, 44-4055, 44-4059, 44-4064, 44-4605